Cash-crunch: Banks to use indelible ink to curb multiple exchanges

Economic Affairs Secretary Shaktikanta Das announced on 15 November that banks will use an indelible mark in a bid to discourage people from engaging in multiple rounds of currency exchange.

"We have received reports that many people are trying to convert black money into white have organised groups of people and are sending them to exchange money. To solve this problem we have decided to use indelible ink marks, similar to elections, on cash counters," said Das in an address to media.

"To ease pressure on banks, a task force has been set up to look after shifting and storing of old notes. Special Task Force set up to monitor infusion of fake currency especially in the vulnerable areas," he added.